(1)

(2)

(3)

(4)

m5

m6

m7

m8

数字经济发展水平

−1.5537^***

(−9.6911)

主要解释变量滞后一期

−1.4967^***

(−9.3190)

主要解释变量滞后二期

−1.4079^***

(−8.6567)

数字普惠金融

−0.0044^***

(−2.6927)

经济发展水平

0.0469^***

0.0386^***

0.0286^**

−0.0476^***

(4.4540)

(3.6042)

(2.5617)

(−3.3167)

政府支出

−0.1026^***

−0.1103^***

−0.1185^***

−0.0958^***

(−3.7135)

(−3.8349)

(−3.9433)

(−3.0536)

对外开放

−1.0696^***

−1.1177^***

−1.1717^***

−0.9707^***

(−6.7650)

(−6.8205)

(−6.7394)

(−4.5754)

房价成本

0.0541^***

0.0569^***

0.0628^***

0.0751^***

(4.2669)

(4.3952)

(4.7131)

(5.2081)

环境成本

−0.0134^***

−0.0135^***

−0.0128^***

−0.0231^***

(−3.7363)

(−3.6684)

(−3.4116)

(−5.7207)

劳动力成本

−0.0003

−0.0002

−0.0001

−0.0003

(−0.7271)

(−0.3995)

(−0.2165)

(−0.6549)

基础设施

0.0012^***

0.0012^***

0.0012^***

0.0017^***

(4.2195)

(4.2696)

(4.2480)

(5.7327)

人力资本

6.0210^***

6.3251^***

6.7036^***

2.8137^***

(10.9237)

(10.5658)

(10.0995)

(4.9470)

商品市场分割指数

−8.9721

−7.7882

−12.7786^*

−8.4573

(−1.3664)

(−1.1747)

(−1.7627)

(−1.1442)

_cons

1.0567^***

1.0822^***

1.1160^***

0.2439

(12.9367)

(12.5805)

(12.1548)

(0.6706)

N

341

310

279

341

r2_a

0.6469

0.6490

0.6512

0.5534